23.—(1) This article applies where—
(a)a UK [F1parent undertaking] fails to submit a revision of the group recovery plan within the time allowed by the appropriate regulator; or
(b)the appropriate regulator considers that an impediment has not been adequately addressed in a revision of the plan and cannot be adequately addressed by directing [F2the UK parent undertaking] to make specific changes to the plan.
(2) F3... the appropriate regulator must, in exercise of its powers under FSMA—
(a)direct the UK [F4parent undertaking] to propose business changes; and
(b)if [F5the UK parent undertaking] fails to propose business changes within the time allowed by the appropriate regulator or the appropriate regulator considers that any business changes proposed by [F5the UK parent undertaking] would not adequately address the impediment, determine whether to direct [F5the UK parent undertaking] to take relevant measures.
Textual Amendments
F1Words in art. 23(1)(a) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 17(2); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 23(1)(b) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 17(3); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 23(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 17(4)(a); 2020 c. 1, Sch. 5 para. 1(1)